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First Time Home Buyer

Discussion in 'Mortgages & Financing' started by 1st-x-HomeBuyerAZ, Jul 25, 2019.

  1. 1st-x-HomeBuyerAZ

    1st-x-HomeBuyerAZ Law Topic Starter New Member

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    Hello,
    I am writing to see if anyone might have some insight on strange situation. I just purchased my very first home. I was super excited, and extremely stressed as I had never been through this process before. I was counting on my great credit and 1st home purchase for down payment assistance. I had gotten the buyer to agree to pay all of the closing costs for me. Everything was lined up and in place. I had an attractive loan package!

    As it turned out, about 3/4 of the way through the loan process with about 2 weeks left to go until COE, my broker forwarded me an email from his Sr. Loan Officer who stated I was above the "maximum income levels and did not meet the criteria for DPA". It was my error for not saying something then...but that number was wrong! She calculated my income as a full time employee. I am a contractor and do not get paid holidays or sick time. I am paid an hourly wage. My earnings would never be what she indicated and based her decision on. If you take my hourly wage for the year, and remove the "holidays", I am well BELOW the DPA income limits. In sheer panic, I scrambled to come up with $9,000 down payment...it was not fun, and the deal almost fell thru multiple times.

    I'm very frustrated as a first time home buyer...I was really counting on that DPA program! I was entitled to it. I qualified for it. Everything was in line and and in place...but the loan officer made an error. Is there any insurance I can possibly make a claim too? Is there a way to recoupe my loss? I get people make mistakes, but this was costly for me!
     
    Last edited: Jul 25, 2019
  2. PayrollHRGuy

    PayrollHRGuy Well-Known Member

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    It was your mistake as much as anyone's.

    You don't have a loss. You have more equity than you would have.
     
  3. Zigner

    Zigner Well-Known Member

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    Instead of scrambling to come up with additional $9,000 towards the down payment (not a loss, as mentioned above), why didn't you just work with them to correct their error? If you would have done that, then you'd have $9,000 more cash in your pocket right now.
     
  4. adjusterjack

    adjusterjack Super Moderator

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    Welcome to home ownership. Be thankful you got your house despite the issues you faced during the process.

    Now enjoy it and forget about the issues.
     

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